Fiscal Responsibility and Budget Management Act, 2003

The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is an Act of the Parliament of India to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget and strengthen fiscal prudence. The main purpose was to eliminate revenue deficit of the country (and subsequently building revenue surplus) and bring down the fiscal deficit to a manageable 3% of the GDP by March 2008.

Source: Wikipedia — Fiscal Responsibility and Budget Management Act, 2003 (CC BY-SA 4.0)

Fiscal Responsibility and Budget Management Act, 2003

The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is an Act of the Parliament of India to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget and strengthen fiscal prudence. The main purpose was to eliminate revenue deficit of the country (and subsequently building revenue surplus) and bring down the fiscal deficit to a manageable 3% of the GDP by March 2008.

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Source: Wikipedia "Fiscal Responsibility and Budget Management Act, 2003" · CC BY-SA 4.0

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